The Central Bank of Nigeria (CBN) has warned members of the public, businesses and financial institutions against rejecting the standard ₦100 banknote, reiterating that both the standard and commemorative versions remain legal tender and must be accepted for all transactions across the country.
In a statement issued on Wednesday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the directive followed reports that some individuals and businesses were refusing to accept the standard ₦100 note while preferring the commemorative variant.
She stressed that both versions were issued by the Central Bank of Nigeria and possess the same face value, legal status and purchasing power.
“Rejecting the standard ₦100 note violates the CBN Act and undermines public confidence in the nation’s currency,” Sidi-Ali said.
The apex bank reminded Nigerians that all naira banknotes and coins issued by the CBN are legal tender under the provisions of the CBN Act and must be accepted as payment for goods and services. It warned that selective acceptance of banknotes disrupts the smooth circulation of currency and could erode confidence in the country’s payment system.
The CBN added that it would not hesitate to enforce the provisions of the law against individuals, businesses, deposit money banks and other institutions found to be rejecting valid naira notes without lawful justification.
The clarification comes after reports of increasing preference for the commemorative ₦100 note in some commercial transactions, prompting confusion among members of the public over the status of the standard note.
The regulator urged Nigerians to continue using both variants interchangeably and advised anyone whose valid ₦100 banknotes are rejected to report the incident through the CBN’s official complaint and feedback channels.
The latest directive underscores the central bank’s efforts to preserve confidence in Nigeria’s currency and ensure the seamless circulation of legal tender across the economy. Analysts say consistent public acceptance of all valid naira denominations is essential for maintaining an efficient cash payment system, reducing unnecessary disruptions in commercial transactions and supporting overall financial stability.
The CBN reiterated that no individual or organisation has the authority to arbitrarily reject any genuine naira note issued by the Bank, urging all stakeholders to comply fully with existing currency regulations.
